Susan Tompor: 13 resolutions for saving money in 2013

December 30, 2012

David Pierce/Detroit Free Press

Detroit Free Press Personal Finance Columnist

Thirteen might not be the luckiest of numbers, but 2013 could be a pretty good year to get on a better financial footing.

Now 2013 is the year I will finally use a 1991 calendar. While cleaning, I found a Laura Ashley desk calendar that was too pretty to use back then. The days of the week for 1991 match up with 2013. Now, 13 other tips for '13:

 No. 1:Use what you've got.

It is possible to make dinner out of what's at home at least one day a week. My husband and I made a game out of regularly tapping into our stockpile of small bottles of shampoo. We got about three months of shampoo free.

 No. 2: Cancel a service.

"I cancelled cable in 2002," said Gabriella Barthlow, a certified credit counselor and owner of the Alpha Advisory Group in Birmingham. She's saved thousands of dollars. She waits until a TV series is on DVD at her library.

 No. 3: Drag your feet until January when it comes to donations.

Tax rates could go up in 2013. So a charitable contribution could be a more valuable deduction if you send the check next year instead of by Monday, according to Robert Shefferly III, senior tax manager for the national tax office for Plante Moran in Southfield.

 No. 4: Watch ATM fees.

If you're out of town and not near your bank, it may be possible to avoid ATM fees by using your debit card at a nearby supermarket. Buy items that you can use -- and get $50 cash back or more.

If instead you go to an ATM that's not part of your bank, you'd pay your bank an average of $1.57 and pay the ATM owner another $2.50 on average, according to Bankrate.com.

 No. 5: Bank one more buck.

Charge a dollar every time you break a New Year's resolution. Make sure everyone in the house makes one promise -- not to yell at the TV during a Detroit Lions game, not forgetting to put away laundry. Put that money toward a goal.

 No. 6: Go to your kids and ask them how to save money.

"If the family is struggling economically, the kids know that in the household," said Gregory Downing, author of "Entrepreneur Unleashed: Wealth to Stand the Test of Time."

It's OK to be up-front with older children if your take-home pay was cut by 50% and you now have to buy your own health insurance, said the Florida father of three, ages 17, 13 and 11.

Children can be part of the solution, he said, noting teens need to work as well, even if only doing odd jobs for pay.

In the summer, my 14-year-old son told me to stop buying him T-shirts and hoodies. I had gotten into a bad habit of frequently picking up something cool and cheap. Nice, but he had too much.

 No. 7: Think "just in time."

Buying in bulk can save money, say freezing butter bought on sale during the holidays.

But "avoid overstocking your refrigerator and pantry," said Tomika Snodgrass, a vice president for RBS Citizens in Southfield. The mom of two buys only items for her weekly plan.

 No. 8: Don't clip coupons.

This anti-coupon tip sounds counterintuitive because so much marketing works against it these days, said Laura Lee, author of "Broke is Beautiful: Living and Loving the Cash-Strapped Life."

Shoppers who peruse bargain circulars, sign up for e-mails from stores, join Facebook groups and so on are bombarded with deals. "Buying stuff involves spending money, not saving it," Lee said.

 No. 9: Buy some bandages -- and maybe a bedpan?

Some rules changed in 2011, and now you're required to have a prescription from a doctor if you want to be reimbursed as part of a flexible spending account for buying over-the-counter medicine or drugs.

But many do not realize that there are 32,000 services and items that would be reimbursed by FSA funds -- and do not need a prescription for reimbursement, said Natasha Rankin, executive director for the Employers Council on Flexible Compensation in Washington, D.C.

She noted that on average people lose $138 after not filing for reimbursements or not spending the necessary amounts in flexible spending accounts. Online stores even sell items that qualify for FSA dollars.

Check with your sponsor about deadlines for spending and filing for reimbursements.

A new FSA cap hits in January. The maximum an employee can set aside is $2,500. If both spouses are working, the maximum allowed is $5,000.

 No. 10: Play make-believe.

If you could pretend to be a cowboy when you were a kid, why can't you imagine that one day you'll be able to retire? If you can believe it, you can save.

Examine the serial number on each $1 bill. Then, save bills that start with a special letter, like your first initial, said Samirian Hill, president of BudgetWise Financial Solutions in Southfield.

 No. 13: Go off-shore.

No, not really off-shore. But why not bank far from home? If you choose a financial institution that is a hike to get to, it could be difficult to empty that account, said Dorothy Barrick, financial counselor and group manager for GreenPath Debt Solutions, a national nonprofit credit counselor. Of course, just pulling out a debit card from that bank would defeat the purpose.

 Dig up an old, low-cost family recipe, maybe for something like corn fritters. It wont be as good  or as cheap  as when Mom made it but it will be less expensive than drive-through.

 Fix something. When a backpack rips during the school season, sew it or use some duct tape.  Substitute. My friend Joel cut back on his beer budget by opting to freeze cider for the year. Take a weekend trip, instead of a week. Buy fun socks instead of shoes.